588 E Mel Ave - Apartments FOR SALE


Palm Springs, CA 92262- Uptown Palm Springs
$3,850,000 USD
760-668-3397
588 E Mel Ave, Palm Springs, CA for Sale
$3,850,000 USD
Apartments - FOR SALE
1/19
null | 6.59% Cap Rate

588 E Mel Ave
Palm Springs, CA 92262
Uptown Palm Springs


HIGHLIGHTS

  • Close Proximity to Palm Springs Shopping & Dining | Adjacent to Desert Regional Hospital
  • Central Pool - Replastered in 2023
  • Secured Entrance
  • On-Site Laundry Room | Tenant Convenience and Owner Income
  • Assumable Financing - Interest Rate Fixed at 3.45%

OVERVIEW

Wilson Meade Commercial is pleased to exclusively present the opportunity to acquire the Hermosa Palms, a 20-unit multi-family asset in Palm Springs. This charming, single-story property is comprised of studio units arranged around a central pool, and is located in close proximity to Palm Springs’ renowned shopping and dining district. The preferred location, coupled with the highly desirable studio mix, has contributed to the property’s historically low vacancy rate. The units have been meticulously maintained, with most remodeled to include tile/vinyl flooring and modern fixtures. Each unit features a kitchen, walk-in closet, full bathroom, and LED lighting throughout. The Hermosa Palms offers new ownership a well-positioned, turnkey investment with strong historical performance and continued upside potential through rent growth. *Ask about the assumable 3.45% interest rate financing!

FOR SALE DETAILS

PRICE

$3,850,000 USD

PRICE/SF

$442 USD /SF

# OF UNITS

20

PRICE/UNIT

$192,500

CAP RATE

6.59%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Hermosa Palms

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1963

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.52 AC

LAND SF

22,651 SF

ZONING

R2

APN/PARCEL ID

507-061-022

ASK ABOUT THIS PROPERTY

Heath WilsonWilson Meade Commercial Real EstateMore Info
760-668-3397

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Heath WilsonWilson Meade Commercial Real EstateMore Info
760-668-3397

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.